Amara Raja profit doubles in Q1; Founder-Chairman retires
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Hyderabad Tirupati-based Amara Raja Batteries Limited, has announced the results for Q1 of FY 2021-22.
The profit before tax of Rs167.04 crore for Q1 of FY 2021-22 against Rs 83.68 crore for the same quarter last year registering a rise of 99.61 per cent. The revenue for Q1 stood at Rs 1,885.86 crore against Rs 1,151.04 crore during the same quarter last year. The Earnings per Share (EPS) was at Rs 7.26, according to a company filing.
Even as the current quarter was impacted by lockdowns due to pandemic, the aftermarket demand across product segments in both automotive and industrial remained strong. Exports led the strong revenue growth from automotive business. In the industrial business both Telecom and UPS applications registered strong growth compared to last year.
Jayadev Galla, Vice Chairman & Managing Director and CEO of the company said,
"While the uncertainties due to second wave of Covid and the resultant lockdowns are creating unpredictability in the product off take, we are focused on ensuring the product availability across all market segments by calibrating manufacturing operations and supply chain dynamically."
Meanwhile, the Founder-Chairman, Ramachandra N Galla retired on Saturday after 36 years of tireless service. He said: "As I prepare to demit charge and transfer all organisational responsibilities to our Vice-Chairman & MD-CEO Jayadev Galla, I want to reassure all shareholders and other stakeholders that the Company is in absolutely safe and efficient hands. I also wish to place on record my gratitude to all stakeholders who have stood by the company through thick and thin, particularly during the challenging moments of the ongoing pandemic. Needless to mention, moving forward, I would continue to be available in case any guidance or counsel is required from my end."
